Monday, January 10, 2011
Duke Energy To Buy Progress Energy
As chairman, Rogers, 63, will advise Johnson on strategic matters, play an active role in government relations and serve as the company's lead spokesperson on energy policy.
Duke bought Cinergy of Ohio in 2005 in a $9 billion all-stock deal.
The companies hope to complete the deal by the end of 2011. Several regulators will have to sign off, including the Federal Energy Regulatory Commission, the Nuclear Regulatory Commission and two state authorities. Duke was advised by JPMorgan Chase, Bank of America Merrill Lynch and the law firm Wachtell, Lipton, Rosen & Katz. Progress was advised by Lazard, Barclays Capital and the law firm Hunton & Williams. (Newsobserver, 1/10/2010, NYT, 1/10/2010)